'The carrying cost of both incoming and outgoing goods will come down significantly as the port will become a regional hub handling a massive traffic,' said the shipping minister.

With its major river ports Chittagong, Khulna and Mongla being affected by silting, Bangladesh has been seeking to build a deep sea port.

According to the feasibility study, 16 container berths including nine international jetties will be constructed in the first phase.

The minister had earlier said the project will be implemented with public-private joint investment, and if necessary, funds raised from the capital market.

The shipping ministry took up the deep-sea port construction as a priority project in 2004 following a letter issued by the Prime Minister's Office. An inter-ministerial committee later decided to carry out a techno-economic feasibility study in 2005.